Who Usually Pays for Title Insurance?May, 30 2018
You already know you need title insurance. But when the time comes to pay, who usually pays for a new title insurance policy?
With all of the confusion and excitement of closing on your house, knowing which party is going to handle the title insurance is going to take some of the pressure off of everyone going in.
Today we’re going to be covering who usually pays for title insurance when the time comes to close on your house.
Title Insurance is handled differently from state to state.
Both buyer and seller closing costs can certainly add up as the process nears its end. Title insurance is one of the items that can contribute to this.
However, the person who actually incurs this expense is going to be different depending on which state you live in and the overall specifics of your situation.
For example, in Maryland, the buyer is most likely going to pay for it. However, in Michigan, the seller is traditionally responsible for paying for title insurance.
In some instances, the payments are divided equally as is the case in Nebraska and South Dakota.
In other parts of the world like Minnesota, Iowa, and Georgia, the party responsible for title insurance is negotiable.
Take some time to find out how this process works in your state so you can proceed through your closing process with ease and efficiency. A reputable title insurance company will help answer any questions you may have about this.
Armour Settlement Services is here when you’re ready to close on your house.
When you’re ready to tackle your title, Armour is here to help. We offer title services for realtors, lenders, and homeowners 24 hours a day, 7 days a week.
Our commitment to excellent service and flexible fees will show you why Armour Settlement Services is a leading title insurance company.
Give us a call at 1.877.TITLE and we’ll show you what makes us different. You can also reach out to us on our contact page.
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